A company's balance sheet contained the following information:
common stock $ 13,000
total assets $ 186,000
accounts payable 65,000
retained earnings 29,000
notes payable is the only other item on the balance sheet. notes payable must equal: <u>$ 79,000</u>
A company's balance sheet contained the following information:
common stock $13,000, total assets $186,000,
account payable $65,000, retained earnings $29,000.
Note payable is the only other item on the balance sheet, note payable must equal
<u>$79,000</u>
((186,000) = L (account payable 65,000 + notes payable x) + SE (retained earn 29,000 + common stock 13,000) =
186,000 = 65,000 + x + 29,000 + 13,000
186,000 = 107,000 + x
186,000 - 107,000 = x
78,000 = x
<h3>What is a balance sheet?</h3>
A balance sheet is a summary of the financial balances of an individual or company, whether it is solely owned, or a business owner by groups, a corporation, private limited company or other organization such as government or non-profit oriented organisation.
Therefore, the correct answer is as given above
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